Egypt’s second-biggest property developer, Palm Hills has reported a 9% increase in first-quarter net profit to EGP49.7m ($7m), Reuters has reported. Palm Hills turned to profitability in 2013, as the luxury real estate developer made a net loss of EGP134.6m in the year before, it said. Earlier this month, US private equity firm Ripplewood said it had acquired a 2.3% stake in Palm Hills, adding that it hoped to increase its stake.